The Federal Investigation Agency has launched a major probe into M/s Innovative Biscuits Pvt. Ltd, uncovering an alleged multi-billion-rupee financial network involving benami bank accounts, suspected money laundering, and large-scale tax evasion, officials said.
According to investigators, the company’s sales were routed through multiple channels and diverted into concealed “benami” bank accounts, allegedly opened with the assistance of bank staff. The funds were later withdrawn in cash, raising serious concerns of money laundering and tax fraud.
So far, at least seven individuals, including senior officials of the biscuit manufacturing firm and a bank employee, have been booked for their alleged involvement in money laundering, fraud, and large-scale tax evasion.
The First Information Report (FIR) says that authorities identified a network of benami accounts created using the identity cards of three unsuspecting individuals to hide substantial financial transactions and evade taxes on billions in sales.
These accounts were allegedly opened and facilitated by a bank officer, along with other staff.
The probe further alleges that approximately Rs6.62 billion in sales proceeds were not deposited into the company’s declared accounts but instead moved through intermediary channels into these hidden accounts before being withdrawn in cash, causing losses to the national exchequer.
